Research on heterogeneous financial support mechanisms for innovation in different types of technology enterprises

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE Finance Research Letters Pub Date : 2024-08-22 DOI:10.1016/j.frl.2024.105992

引用次数: 0

Abstract

This study employs panel data from 30 provinces in China (excluding Tibet, Hong Kong, Macao, and Taiwan) spanning the years 2014 to 2020 to empirically analyze the financial support mechanisms for innovation in both technology start-ups and leading technology enterprises. The findings reveal significant heterogeneity in these mechanisms. Venture capital plays a prominent role in fostering innovation within technology start-ups, particularly in the incubation stage. Conversely, government support for these start-ups is relatively limited, primarily offered through initiatives such as technology enterprise incubators. In contrast, national fiscal policies exert a notably positive impact on the innovation activities of leading technology enterprises.

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不同类型科技企业创新的异质金融支持机制研究

本研究采用中国 30 个省份（不包括西藏和港澳台地区）2014 年至 2020 年的面板数据，对初创科技企业和龙头科技企业的创新金融支持机制进行了实证分析。研究结果揭示了这些机制的显著异质性。风险投资在促进初创科技企业的创新方面发挥着突出作用，尤其是在孵化阶段。相反，政府对这些初创企业的支持相对有限，主要是通过科技企业孵化器等举措提供支持。相比之下，国家财政政策对领先科技企业的创新活动产生了显著的积极影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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